Should I Repair or Buy Now That the Tariffs Are Going Up?
Whether to buy a new appliance or repair an existing one when tariffs go up depends on several factors:
If tariffs increase, imported appliances will automatically become more expensive. Tariffs will lead to higher prices no doubt. But even if you choose to buy a domestic brand, you may think you escaped the higher cost but as long as the brand uses imported parts, the cost will also rise, and you will end up paying more.
Regardless of the cost increase on parts, you will likely be better off as the cost will be definitely less than if you were to buy a new one.
Keep in mind that buying a new washer or dishwasher for example, requires delivery of the unit and a tech to hook it up. A truck has to pick it up from the store and drop it off at your house and a tech has to connect it for you too and that adds to the cost.
Before you make this important decision, you will have to assess the condition of the appliance by looking at the age of the unit and its efficiency. But if you think the current machine is less efficient, and you want to buy a new energy-efficient one because it will save money in the long term, think again. Comparing the cost of energy savings may not offset all the increases and what you will pay for a new one: Cost of the machine itself, tariffs, local taxes, delivery and hookup, haul away of the old one and maybe even a tip for the driver and the technician.
Most companies used to say if the unit is older than 15 years and the cost of the repair is more than 50 percent of a new one, it may be time to start thinking about buying a new one.
But with the tariffs, now it has to be a lot more than 50 percent to make sense to buy a new machine. If there is any chance a tech can repair the unit, it will be your cheapest option.
If you have to buy and before you head for the big box store, do your research. Find out which brands pass the reliability, energy efficiency and longevity test. Also research prices of comparable new models. Look for any promotional deals and discounts that may reduce your cost and save you money and if you bought your appliances around the same time you may want to explore the possibility of bundling as opposed to buying your appliances separately.
if you bundle, some manufacturers can offer potential cost savings. Bundling depends on your budget though as replacing all your appliances can make a dent in your budget.
If your appliance is under manufacturer warranty, repair is free or low-cost. New appliances come with 1 to 2-year warranty, offering peace of mind that you are covered at least for that period. You may also choose to buy an extended warranty to offset the cost of the repair if the machine ever breaks down after the manufacturer warranty expires.
Keep in mind also that by choosing to repair rather than buy a new, you are helping the environment as you are opting for a more sustainable solution by keeping the air clean from pollution, reducing waste and save valuable resources like water and electricity.
